Free Credit Reports for Florida Residents
From an article in the Herald Tribune
Starting today, Floridians can obtain free copies of one of their most important financial documents -- credit reports. Last year, the phasing-in of the program started in the western states, and now it's time for residents in the South to get theirs.
The no-cost reports are required by a 2003 federal law. Individual reports from the three nationwide consumer reporting companies -- Equifax, Experian and TransUnion -- typically cost about $10 each.
The Fair and Accurate Credit Transactions Act now requires each of those bureaus to provide everyone with a free copy every 12 months. But consumers must ask for it; it won't be sent automatically.
The Federal Trade Commission recommends that consumers review their credit reports from all three bureaus since each uses different databases to compile information. The three reports can be ordered all at once, or consumers can stagger them over the course of a year.
Credit reports chronicle a person's debt and payment history, detailing mortgages, car loans, credit cards and payment records. They also list any past-due accounts, bankruptcies, foreclosures or actions by collection agencies.
The bureaus collect this information and sell it to lenders and other businesses that have permission to obtain it. The free reports lack one piece of data available in the paid versions: They don't contain a person's credit score -- a number reflecting creditworthiness based on the report -- which lenders often use as a benchmark. Those can be purchased separately from each bureau for about $6 to $8.
Starting today, Floridians can obtain free copies of one of their most important financial documents -- credit reports. Last year, the phasing-in of the program started in the western states, and now it's time for residents in the South to get theirs.
The no-cost reports are required by a 2003 federal law. Individual reports from the three nationwide consumer reporting companies -- Equifax, Experian and TransUnion -- typically cost about $10 each.
The Fair and Accurate Credit Transactions Act now requires each of those bureaus to provide everyone with a free copy every 12 months. But consumers must ask for it; it won't be sent automatically.
The Federal Trade Commission recommends that consumers review their credit reports from all three bureaus since each uses different databases to compile information. The three reports can be ordered all at once, or consumers can stagger them over the course of a year.
Credit reports chronicle a person's debt and payment history, detailing mortgages, car loans, credit cards and payment records. They also list any past-due accounts, bankruptcies, foreclosures or actions by collection agencies.
The bureaus collect this information and sell it to lenders and other businesses that have permission to obtain it. The free reports lack one piece of data available in the paid versions: They don't contain a person's credit score -- a number reflecting creditworthiness based on the report -- which lenders often use as a benchmark. Those can be purchased separately from each bureau for about $6 to $8.
posted by Dave at 2:30 PM
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